KOTA KINABALU: Credit Guarantee Corporation Malaysia Berhad (CGC) seeks to provide financial assistance to 1,200 small and medium enterprises (SMEs) in Sabah, this year.
Its chief corporate officer Rahim Raduan said Sabah had a great number of SMEs that had the potential to excel but they needed financial aid.
Speaking to reporters during a dinner with local newsmen here on Wednesday, Rahim disclosed that there is currently a total of 40,000 SMEs in the state.
“Last, year we helped more than 600 SMEs throughout the state. As of this year, we have already helped 300 SMEs in securing provision loan guarantee and also financing. Our total target for this year is to reach a 110 per cent increase from last year,” he said.
CGC is a body that seeks to facilitate SMEs’ access to financing through its guarantee scheme. Its objective is to play a developmental role in supporting the country’s economic development agenda by assisting marginal but potentially viable SMEs.
Through its collaboration with SME Corp and Credit Bureau Malaysia Sdn Bhd, CGC helps SMEs to improve their creditworthiness and bankability through provision of loan guarantee, financing facilities, advisory service, and business development.
Rahim disclosed that CGC currently has two branches in Sabah, one in Kota Kinabalu and the other in Sandakan.
“Among CGC’s most popular products are the BizMula and BizWanita, where we offer loans starting from RM30,000 until RM300,000 to SMEs. We hope that we can help more SMEs in the future especially in Sabah,” he added.
Prospective applicants may visit http://www.cgc.com.my
for more information.